Commodities
Silver Slumps as Rate Hike Bets Rise
Silver prices tumbled on Thursday, dipping below $65 per ounce as rising US Treasury yields and a firmer US Dollar weighed heavily on the market.
The latest inflation data, which showed the US Producer Price Index (PPI) rose 0.4% MoM in August, reinforced expectations of tighter monetary policy from the Federal Reserve (Fed).
According to the CME FedWatch tool, markets now price in around a 70% chance of a rate hike at the Fed's next meeting, up from around 61% before the data were released.